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Tag Archives: economy

Yet another solar panel factory failure

Solar-Panel-

Yet another solar panel factory failure. It seems that SoloPower is slowly circling the drain and on its way out they can call it “restructures operations” all they want but when their top Chief Technology Officer Mustafa Pinarbasi hitting the road and accepting a similar role at another California startup it’s not a good sign.Then we have Craig Cornelius, a managing director for SoloPower’s key private investor, New Jersey-based Hudson Clean Energy Partners, also resigned recently it looks to me like all the fat rats or getting out-of-town.

The sad part of this is The company, which state business recruiters won over in 2011, already has received a $10 million state energy loan backed in part by Portland funding and a $20 million manufacturing Business Energy Tax Credit that will pay $13.5 million in cash. The company is ultimately in line to benefit from nearly $58 million in state and local incentives, including tax breaks, a tax credit and loans will this pull it back , I don’t think so if its past is any kind of sign, The first line of product was supposed to slated for completion in April 2012. But missed goals forced executives to renegotiate a $197 million federal loan guarantee in January, The Oregonian reported earlier this month so I think this company will fail I could be wrong we will see.

 
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Posted by on February 28, 2013 in tech

 

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Billionaires Selling U.S Stocks

Warren Buffett who has been the smiling face backing US stocks seems to be changing his mind. Mr. Buffett have been dumping large amounts of shares in US company’s, most notably Johnson & Johnson, Procter & Gamble, and Kraft Foods.Mr Buffett is saying it has to do with as he put it “disappointing performance”. In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.1DollarBillPlain

Now you may wonder why this is a big deal, It is this 70% of the U.S. economy dependent on you and I buying things, If we don’t buy company’s don’t make money and people like Mr.Buffett don’t invest’.So it seems like that Warren Buffett has lack of faith in these companies and the US stocks and to top it off Mr.Buffett is not the only Billionaire doing this billionaire John Paulson who made his money on the subprime mortgage meltdown, is clearing out of U.S. stocks too.Then we have the darling of the left billionaire George Soros recently sold nearly all of his bank stocks, including shares of JP Morgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.On a side note, The $8.5 billion Soros Fund Management now owns 600,000 shares of the gold ETF, worth an estimated $97 million. That’s down from 1.3 million shares, worth more than $227 million so what is this saying for future gold prices.
Why are Billionaires selling U.S stocks it may have to do with a prediction of a 90% massive market correction by Robert Wiedemer, an esteemed economist who saw the housing bubble coming years before it happens! So hold on folks the ride looking like it could be a little rough. we all know if crap happens to the big boys it rolls down the hill and hit we the little people very hard.

 
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Posted by on February 18, 2013 in history, Life, politics

 

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Why raising the federal minimum wage is a joke

Why raising the federal minimum wage is a joke! You have probably read or seen the idea of  raising the minimum wage to $15 dollars and hour, why is this a joke? Well, let think about this for a minute or two if you make the employer pay more at the base pay what is he likely to do? Raise prices on the products they make or sell and there goes the raise that the minimum wage was supposed to help . in other words it’s a game of numbers and the people being paid minimum wage are not making any headway no matter how media or Washington  spin it .

When OBAMA said’s “I believe we reward effort and determination with wages that allow working families to raise their kids and get ahead. And that’s part of the reason I said last night that it’s time for an increase in the minimum wage because if you work full-time, you shouldn’t be in poverty.”It’s a feel-good moment for him and the uninformed but that about it.there is no getting ahead! prices will just go up to cover it, It won’t pull anyone out of poverty all it is. Is just spin!
Barack Obama

 
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Posted by on February 14, 2013 in politics

 

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tax breaks that expired this year

Individual tax breaks

— Relief from the Alternative Minimum Tax. The tax is designed to ensure that wealthy people can’t use tax breaks to avoid paying any federal taxes. However, it was never indexed for inflation, so Congress routinely adjusts it to keep it from imposing hefty tax increases on millions of middle-income families. Cost: $132 billion.

— State and local sales tax deduction. Taxpayers can take this itemized deduction instead of deducting state and local income taxes. It is geared for people who live in states without state income taxes: Alaska, New Hampshire, Tennessee, Florida, South Dakota, Washington, Nevada, Texas and Wyoming. Cost: $4.4 billion.

— A deduction of up to $4,000 for qualified higher education expenses: Cost: $4.2 billion.

— A tax credit for improvements to make homes more energy efficient. Cost: $2.4 billion.

— A provision that allows tax-free distributions from Individual Retirement Accounts, when used for charitable donations. People older than 70-and-a-half can make tax-free withdrawals of up to $100,000 a year from IRAs. Cost: $1.3 billion.

— A deduction for mortgage insurance premiums. Cost: $1.3 billion.

— A deduction of up to $250 for teachers who buy classroom supplies with their own money. Cost: $462 million.

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Business tax breaks

— A tax credit for manufacturers and other businesses that invest in research and development. Cost: $14.3 billion.

— A tax break that allows restaurants and retail stores to write off the cost of certain capital improvements over 15 years instead of 39 years. Cost: $3.7 billion.

— An exemption that allows banks, insurance companies and other financial firms to shield the profits of foreign subsidiaries from being taxed by the U.S. Cost: $11.2 billion.

— A $1 per-gallon tax credit for businesses that use or sell biodiesel, a renewable fuel for diesel engines derived from vegetable oils and animal fats. Cost: $2.2 billion.

— A tax credit of up to $2,400 for businesses that hire people who receive benefits from a variety of government programs, including disability benefits and Temporary Assistance to Needy Families. Cost: $1.8 billion.

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Source: Joint Committee on Taxation.

 
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Posted by on December 20, 2012 in politics

 

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Food stamps and Jobs

Food stamps and Jobs the numbers just don’t seem to add up. Right now the unemployment rate is at 7.7 which is the best it’s been for the last two years.But here is the kicker over 1 million people have joined the food stamp roll in the last two months

Foodstamps

So what is going on here? Well first of all the unemployment numbers that are reported are not true and here is why,Once a person runs out of benefits they are dropped out of the count thus not showing the true number of unemployment .The second would be it is the Holiday season and a lot of the big chain stores are hiring part-time workers and in all states people have to be at a certain income level to get Food stamps and most part-time jobs pay falls well below this rate .So if we want to judge how our nation is doing one need not look at the unemployment numbers  but at the number of people on state welfare to get a true picture

 
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Posted by on December 11, 2012 in politics

 

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Layoffs at another Hospital

Layoffs at another Hospital. The South Central Kansas Medical Center in Arkansas City,Kansas laid off  Nine nurses and supervisors on Monday the reason, In a letter sent to all employees, administrators laid part of the blame for the cost cutting move on Obama care. The letter states “With the Affordable Care Act being rolled out and many outside forces demanding accountability for improved outcomes and better systems for healthcare, we have to make changes or we will not survive,”The CEO Steve Perkins said “It’s the hardest decision someone in my seat ever makes, there remains a great deal of confusion within the health care industry over how the Affordable Care Act will be implemented in Kansas.”It’s making anybody that’s sitting in a leadership role in a healthcare organization pucker up and think ‘Wow, this is just tough,'”obamacare-logo_full

As i ask once before in this earlier post (https://oldboyconservative.wordpress.com/2012/11/18/kaiser-permanente-blames-obamacare-for-lay-offs/) with all of us having to get heath Insurance should not Hospitals and Medical Centers be hiring more people

Now some of you may think 9 people is just a drop in a bucket ! but if enough drops fall it becomes a sea .

 
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Posted by on December 5, 2012 in fail, Life, politics

 

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Total Bank Failures for 2012 – 50

Hometown Community Bank, Braselton, GA

Citizens First National Bank, Princeton, IL

Heritage Bank of Florida, Lutz, FL

NOVA Bank, Berwyn, PA

Excel Bank, Sedalia, MO

First East Side Savings Bank, Tamarac, FL

GulfSouth Private Bank, Destin, FL

First United Bank, Crete, IL

Truman Bank, St. Louis, MO

Waukegan Savings Bank, Waukegan, IL

Jasper Banking Company, Jasper, GA

Second Federal Savings and Loan Association of Chicago IL

Heartland Bank, Leawood, KS

First Cherokee State Bank, Woodstock, GA

Georgia Trust Bank, Buford, GA

The Royal Palm Bank of Florida, Naples, FL

Glasgow Savings Bank, Glasgow, MO

Montgomery Bank & Trust, Ailey, GA

The Farmers Bank of Lynchburg, Lynchburg, TN

Security Exchange Bank, Marietta, GA

Putnam State Bank, Palatka, FL

Waccamaw Bank, Whiteville, NC

Farmers and Traders State Bank, Shabbona, IL
Carolina Federal Savings Bank, Charleston, SC

First Capital Bank, Kingfisher, OK

Alabama Trust Bank, National Association Sylacauga, AL

Security Bank, National Association, North Lauderdale, FL

Palm Desert National Bank, Palm Desert, CA

Plantation Federal Bank, Pawleys Island SC

Inter Savings Bank, FSB Maple Grove MN

HarVest Bank, Gaithersburg MD

Bank of Eastern Shore, Cambridge MD

Fort Lee Federal Savings Bank, FSB, Fort Lee NJ

Fidelity Bank , Dearborn MI

Premier Bank, Wilmette IL

Covenant Bank & Trust,  Rock Spring GA

New City Bank, Chicago IL

Global Commerce Bank, Doraville GA

Home Savings of America, Little Falls MN

Central Bank of Georgia, Ellaville GA

SCB Bank, Shelbyville IN

Charter National Bank and Trust, Hoffman Estates IL

BankEast, Knoxville TN

Patriot Bank Minnesota, Forrest Lake MN

Tennessee Commerce Bank, Franklin TN

First Guaranty Bank and Trust Company, Jacksonville FL

American Eagle Savings Bank, Boothwyn PA

The First State Bank, Stockbridge GA

Central Florida State Bank, Belleview FL

May be more before the end of the year lets hope not

 
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Posted by on December 2, 2012 in fail

 

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